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Walker & Dunlop Completes Complex Loan for Suburban Las Vegas MF
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Thompson Michie Equities secured $56.5 million in financing for the acquisition of Castile Apartments, a Class A+, lakeside garden-style community in Henderson, NV. Walker & Dunlop, Inc. initially arranged short-term bridge financing for the borrower, which was later converted to a permanent Freddie Mac loan.
Walker & Dunlop’s Trevor Fase led the financing team. He notes the short-term financing enabled “the borrower to execute their business plan, while managing to very tight timeframes.”
Within a month of the initial bridge financing, Walker & Dunlop’s team leveraged its deep understanding of Freddie Mac’s programs to close a Lease-Up loan. Completed in early 2018, the property is nearing full occupancy, and the Lease-Up program allows borrowers to lock and close prior to stabilization.
The financing was structured as an 11-year fixed rate loan, with full-term interest-only. The borrower took advantage of Freddie Mac’s Index Lock program, capitalizing on low Treasury rates early in the due diligence process.
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- ◦Financing
- ◦Sale/Acquisition
